Global Insurance Trends 14.11.2017
This week, the Financial Conduct Authority (FCA) launched a market study to assess how competition is working in the wholesale insurance broker sector, and also released ‘FCA Mission–Our Future Approach to Consumers’. Meanwhile, the Prudential Regulatory Authority (PRA) sought views in a consultation paper on a draft supervisory statement on effective financial management and planning, whilst EIOPA published a consultation paper on its second set of Advice for the review of the Solvency Capital Requirement (SCR) of Solvency II. Insurance Europe published an Insight Briefing on why EU-wide compulsory insurance schemes only work in very specific circumstances, and the International Underwriting Association (IUA) said that the European Motor Insurance Directive (MID) should not be extended to include liability for accidents on private property.
The London Market placing development, PPL Ltd, went live with property & casualty classes. UK insurers set out minimum criteria for defining an “automated” vehicle, and insurance providers and automotive OEMs across Europe can now access the LexisNexis Telematics Exchange. Neos launched nationwide in the UK with its household protection and insurance IoT product, and Synechron launched a set of InsurTech Accelerator solutions. Allianz UK appointed Delete to advise on how its digital channels can be better optimised. Acturis acquired the ICE insurance software business from Watchstone Group, Fadata partnered with BearingPoint in Germany, Switzerland and Austria, and Guidewire won three 2017 XCelent Awards in “Claims Systems Vendors:EMEA P&C Insurance” report. Applied Research Associates joined forces with Simplitium and Oasis to offer a cost-effective solution for companies looking to better understand their US hurricane risk.
Further third quarter and nine months financials and trading updates included several European majors: Aegon (underlying earnings up for the fifth consecutive quarter), Ageas (CEO “very satisfied” with results), Allianz (net income down 17.3% – €529m losses from natural catastrophes), Direct Line (good momentum continues), esure (record quarter of premium growth), Generali (profit up by 7.2% for nine months), Manulife (solid core earnings and net income), Sun Life Financial (net income up – client-driven strategy highlighted), Unipol (life income down 42.5% at nine months), Zurich (progress on strategic targets), Beazley (GWP up 6% for nine months), Hannover Re (net income for nine months at €548.9m), Hiscox (estimates net claims from hurricanes at $225m – seeing rate increases of 10-50% or more in US property lines), Munich Re (projects small profit for 2017 but capitalisation strong), and JLT (pleased with trading despite challenges and uncertainties). Allianz also announced a further share buy-back program of €2bn.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.comCategory: News